Q3 2021 marked the fourth consecutive quarter of positive retail absorption (+36.7 million sq. ft.), with each asset class showing quarter-over-quarter gains.
Average asking rent rose for the third consecutive quarter, up by 2.9% year-over-year in Q3 to $21.31 per sq. ft.
New construction deliveries remained modest at 6.4 million sq. ft. in Q3, down by 29% from a year ago due to materials cost increases and sourcing delays.
Consumer sentiment fell in Q3 amid uncertainty regarding the delta variant, supply chain disruptions and inflationary pressure.